William Blair, a renowned brokerage firm, recently initiated coverage on Paragon 28 (NYSE:FNA) with an “outperform” rating, according to a research note reported by Bloomberg Ratings on September 30, 2023.
Paragon 28, Inc is a company specializing in the design, development, distribution, and sale of foot and ankle surgical systems. Their product portfolio includes a range of plating systems such as lisfranc, lapidus, lateral column, calcaneus slide, and naviculocuneiform fusion plating systems. Additionally, they offer baby gorilla plate-specific screws, navicular fracture plates, and 5th metatarsal hook plates as well as silverback plating systems.
On Friday morning of September 30th, NYSE:FNA opened at $12.41. The stock’s performance over the past 50 days has been tracking at an average price of $14.61 while its performance over the past 200 days has been tracking at an average price of $16.64. With a market capitalization of $1.02 billion and a beta value of 0.56 indicating lower volatility compared to the market average.
Considering the financial health indicators for Paragon 28 (NYSE:FNA), the company possesses a current ratio of 3.20 and a quick ratio of 1.69 which indicates strong liquidity positions to meet short-term obligations effectively. Furthermore, Paragon 28 maintains a debt-to-equity ratio of 0.21 implying that it has relatively low debt compared to its equity capital.
Over the last twelve months leading up to September 30th, Paragon 28’s stock recorded a low trading price of $11.81 and reached its highest point at $21.49 during this period.
The most recent quarterly earnings results for Paragon 28 were announced on August 2nd with an EPS (earnings per share) of ($0.13), falling short of the consensus estimate by ($0.04). The company generated $51.01 million in revenue during the quarter, surpassing analyst estimates of $49.96 million. Despite this, Paragon 28 reported a negative return on equity of 38.21% and a negative net margin of 34.12%. Analysts predict that for the current fiscal year, Paragon 28 will post earnings per share (-EPS) of -0.42.
In conclusion, considering William Blair’s “outperform” rating and the diverse product lineup offered by Paragon 28, investors may want to closely monitor this stock as it demonstrates potential for growth in the foot and ankle surgical systems market. However, it is essential to keep in mind that investment decisions should be based on thorough research and analysis, taking into consideration individual risk tolerance and long-term investment goals.
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Paragon 28 Receives Positive Ratings and Investor Confidence as September 30, 2023 Approaches
In a recent statement, Needham & Company LLC has reaffirmed its “buy” rating on Paragon 28 and established a price objective of $24.00 per share. This research note, released on August 3rd, adds to the positive consensus surrounding the company’s outlook. In fact, five investment analysts have also rated the stock as a buy.
When looking at the data from Bloomberg.com, it becomes apparent that Paragon 28 enjoys a consensus rating of “Buy” with a consensus target price of $28.20. This collective agreement among experts reflects the company’s promising prospects.
Moreover, some significant developments have taken place in Paragon 28’s investor landscape. Legal & General Group Plc has increased its stake by 4.8% during the fourth quarter, now owning 12,669 shares valued at $242,000 after acquiring an additional 576 shares. Mirae Asset Global Investments Co. Ltd., on the other hand, witnessed growth in its stake by 4.1% during the same period and currently holds 19,924 shares worth $381,000.
JPMorgan Chase & Co., one of the world’s leading financial institutions, significantly augmented its position in Paragon 28 by 22.9% during the first quarter. The firm now owns 4,252 shares valued at $71,000 after acquiring an extra 793 shares in that period.
The Manufacturers Life Insurance Company also demonstrated confidence in Paragon 28 by increasing holdings by six percent during Q4 of last year, equating to an additional 1,054 shares worth $354,000.
Lastly observing institutional investors and hedge funds’ contributions to Paragon 28’s ownership breakdown reveals a significant presence among them. Approximately 34.19% of the company’s stock is owned by these entities.
These developments demonstrate both individual and collective faith in Paragon 28 as an investment opportunity. While the company currently holds a “Buy” consensus rating, it is important to keep track of any further updates that may affect the market’s perception and target price for the stock.
As September 30, 2023 draws closer, investors and analysts alike will closely monitor Paragon 28 to see if it can maintain its positive momentum and deliver on its potential.
